Ownership of foreign investors in Saudi Stock Exchange (Tadawul) is on a rise reaching a new level of 5.02 percent.
The growing rise in the ownership of foreign investors in the Saudi stock market reflects trust in the Saudi financial market on the one hand and the high level of confidence the Saudi economy enjoys on the other.
These developments come as the Saudi economy, the largest in the Middle East, achieved positive growth in the first quarter of this year, at 1.2 percent.
According to the General Authority for Statistics (GaSTAT), gross domestic product of non-oil sector in Saudi Arabia achieved a more positive growth rate during the first quarter of this year reaching 1.6 percent, while the growth rate of the government’s non-oil sector was about 2.7 percent during the same period.
Data showed that Saudi GDP rose 1.2 percent at the end of the first quarter of this year to reach $ 172.7 billion, compared with $ 170.7 billion during the same period in 2017.
Non-oil GDP rose by 1.6 percent by the end of the first quarter of this year to $ 98.9 billion.
Meanwhile, Zain Saudi Arabia reported a 10 percent increase in revenues amounting to $480 million in its financial results for Q2 of 2018, compared with the first quarter of this year
The company achieved a 25 percent increase in operating profit reaching $47.7 million, compared to operating profit of $38.1 million in the first quarter of this year. Moreover, Zain managed to reduce its net losses by 51 percent compared to the previous quarter
Zain Chairman Prince Nayef bin Sultan bin Mohammed stated that the company intensified its effort to improve its overall performance, which is reflected in its financial results for the quarter by achieving growth in its revenues and operating profits. He also reiterated the Board of Directors’ keenness to enhance performance and fulfill the roles tasked to the company as a major operator in telecommunications services in Saudi Arabia.
Zain CEO Eng. Sultan Bin Abdulaziz al-Deghaither announced that during the second quarter of this year, Zain achieved growth during its operating and EBITDA profit thanks to the effective implementation of the company's strategy on a number of fronts, particularly investment in infrastructure.
Other contributing factors were increased sales in prepaid and postpaid voice and data package, in addition to a number of solutions introduced that contributed to improving efficiency in company expenditure; in line with practices seen across the telecommunications sector in the Kingdom and the rest of the world.
"Zain KSA recognizes the importance of its role in supporting the Kingdom’s transformation plans, as exhibited in Zain’s continued efforts to deliver the latest ICT technologies to all its customers across the Kingdom,”Deghaither stated, adding that Zain continues to expand in all of the country’s regions, which will significantly improve its position in the telecommunications sector.
The CEO concluded by confirming that the company will continue to improve its products and services.